JPMorgan's Jamie Dimon is getting a hefty pay rise

JPMorgan's Jamie Dimon is getting a hefty pay rise
CEO to benefit from 5% increase amid firm's strong profits.
JAN 19, 2024
By  Bloomberg

JPMorgan Chase & Co. raised Chief Executive Jamie Dimon’s pay to $36 million for 2023, a year in which the bank notched the highest profit in the history of American banking.

The board granted Dimon a $1.5 million salary and $34.5 million of performance-based incentive compensation, according to a regulatory filing Thursday. His total pay is up 4.3% from 2022, when he made $34.5 million.

“The firm is in a uniquely fortunate position to be led by such a highly talented and experienced executive who continues to grow the company, maintain market leadership positions, strengthen the firm’s reputation, invest in opportunities for the future, promote diversity and best practices, manage risk and develop great leaders, while also maintaining his focus on the firm’s clients,” the board said in the filing.

JPMorgan pulled in $49.6 billion last year, boosted by the Federal Reserve’s interest rate hikes and its purchase of First Republic Bank in a government-led auction. Shares rose 27% during the year, outperforming all major rivals.

That’s now turning into raises of more than 5% for the bank’s top brass. The firm awarded $30 million to President Daniel Pinto, $27 million to longtime asset and wealth management chief Mary Erdoes and $18.5 million apiece to consumer banking co-heads Jennifer Piepszak and Marianne Lake, according to the company.

Dimon, a billionaire, has been in his role for 18 years — a longer tenure than the CEO of any other major bank — and is often the highest-paid of his peers. In October, New York-based JPMorgan said in a filing that Dimon plans to sell 1 million of the bank’s shares, the first such transaction since he took the helm at the Wall Street giant, for financial diversification and tax-planning purposes.

He’s long quipped that he plans to stay in his seat five more years, no matter when asked. That joke turned serious in 2021 when the board gave him a special incentive package worth more than $50 million to stay until at least 2026. Still, Dimon hasn’t indicated he views that award as a career closer. “I can’t do this forever, I know that, but my intensity is the same,” Dimon, 67, said at the firm’s investor day last year. “I think when I don’t have that kind of intensity, I should leave.”

Copyright Bloomberg News

Latest News

NASAA moves to let state RIAs use client testimonials, aligning with SEC rule
NASAA moves to let state RIAs use client testimonials, aligning with SEC rule

A new proposal could end the ban on promoting client reviews in states like California and Connecticut, giving state-registered advisors a level playing field with their SEC-registered peers.

Could 401(k) plan participants gain from guided personalization?
Could 401(k) plan participants gain from guided personalization?

Morningstar research data show improved retirement trajectories for self-directors and allocators placed in managed accounts.

UBS sees a net loss of 111 financial advisors in the Americas during the second quarter
UBS sees a net loss of 111 financial advisors in the Americas during the second quarter

Some in the industry say that more UBS financial advisors this year will be heading for the exits.

JPMorgan reopens fight with fintechs, crypto over fees for customer data
JPMorgan reopens fight with fintechs, crypto over fees for customer data

The Wall Street giant has blasted data middlemen as digital freeloaders, but tech firms and consumer advocates are pushing back.

The average retiree is facing $173K in health care costs, Fidelity says
The average retiree is facing $173K in health care costs, Fidelity says

Research reveals a 4% year-on-year increase in expenses that one in five Americans, including one-quarter of Gen Xers, say they have not planned for.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.